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Noble Energy, Inc. (NBL)

  • Tue, May 26, 7:59 AM
    • Israel’s antitrust commissioner says he will resign from his position to protest a compromise framework on natural gas policy that he says will not lead to competition; the resignation would take effect at the end of August.
    • David Gilo caused an uproar in December when he ruled that Noble Energy (NYSE:NBL) and Delek (OTCPK:DGRLY) may constitute a monopoly over their control of two large natural gas fields Tamar and Leviathan, and the resignation could ease pressure on the companies.
    • Tamar began producing gas two years ago, but development of Leviathan, the world's largest offshore gas discovery of the past decade, has been frozen.
  • Mon, May 11, 11:27 AM
    • Some analysts say Noble Energy’s (NBL -7.5%) acquisition of Rosetta Resources (ROSE +25.5%) is the deal that will finally open the floodgates of M&A activity in the oil patch.
    • The premium for ROSE is below average for the sector over the past five years, suggesting there are more mergers to come, says Oppenheimer's Fadel Gheit, and the sale shows that M&A was “arguably” a cheaper option for growth than organic investment, according to Morgan Stanley's Martijn Rats.
    • SunTrust's Neal Dingmann sees Matador Resources (MTDR -0.9%), Callon Petroleum (CPE -0.5%) and Carrizon Oil & Gas (CRZO -1.8%) as the most likely targets for acquisitive eyes.
  • Mon, May 11, 10:44 AM
    • At least half a dozen U.S.-focused energy firms say they will pump more oil and gas this year than initially expected, but closer study suggests the upgraded forecasts reflect minor adjustments rather than an emerging trend, according to data compiled by Reuters.
    • The revisions likely reflect slightly better operations than expected, not a shift to deploying more rigs, says Raymond James analyst Pavel Molchanov.
    • One of the most optimistic forecasts was offered by Devon Energy (NYSE:DVN), which pumped 272K bbl/day of oil in Q1, revised its 2015 oil growth to 25%-35% from a previous 20%-25%, while also cutting its capital and lease cost estimate by more than $400M.
    • Occidental Petroleum (NYSE:OXY) foresees higher 2015 oil and gas production but only by ~20K boe/day even as capex comes in below a planned $5.8B.
    • Noble Energy (NYSE:NBL) said it was raising full-year oil and gas guidance to 300K-315K boe/day following a strong Q1, effectively adjusting the bottom end of its initial range by a mere 5K.
    | 1 Comment
  • Mon, May 11, 6:57 AM
    • Noble Energy (NYSE:NBL) has agreed to acquire Rosetta Resources (NASDAQ:ROSE) for $2.1B in stock, giving the energy producer a position in two of the largest areas of shale production in the U.S. - Eagle Ford and Permian.
    • Under the terms of the deal, Rosetta shareholders will receive 0.542 of a Noble share for each Rosetta share they hold. Noble will also assume Rosetta’s $1.8B in net debt.
    • NBL +0.4% premarket
  • Tue, May 5, 10:12 AM
    • Noble Energy (NBL +0.8%) opens higher after beating Q1 earnings estimates by a penny but posting a 45% drop in revenues, as the price it received for a barrel of oil fell by more than half.
    • But NBL raised its sales volume guidance for the year, now expecting sales of 300K-315K boe/day after Q1 sales volume rose 11% Y/Y to a quarterly record 318K boe/day, due mostly to the development of the DJ Basin and Marcellus Shale resource plays.
    • NBL's Q1 average realized prices for crude oil and condensates fell to $45.96/bbl from $100.23 a year earlier, while average prices for natural gas fell 27%.
    • NBL says it remains on track with its capital budget of $2.9B for the year after announcing plans in February to cut its 2015 capex plans by ~40%.
    | Comment!
  • Tue, May 5, 7:36 AM
    • Noble Energy (NYSE:NBL): Q1 EPS of $0.03 beats by $0.01.
    • Revenue of $759M (-45.0% Y/Y) misses by $148.54M.
    • Press Release
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  • Mon, May 4, 5:30 PM
  • Tue, Apr. 28, 5:11 AM
    • Noble Energy (NYSE:NBL) declares $0.18/share quarterly dividend, in line with previous.
    • Forward yield 1.45%
    • Payable May 26; for shareholders of record May 11; ex-div May 7.
    | Comment!
  • Mon, Apr. 27, 5:13 PM
    • Select energy E&P stocks are ready to be bought on weakness following the recent rally in the space, Cowen says as it names Anadarko Petroleum (NYSE:APC), Pioneer Natural Resources (NYSE:PXD) and Range Resources (NYSE:RRC) its top picks; the three are started at Outperform with respective price targets of $72, $216 and $73.
    • Cowen says its top picks have low-cost assets and high quality balance sheets that will allow them to emerge from the oil price downturn with higher margins.
    • Devon Energy (NYSE:DVN), Noble Energy (NYSE:NBL) and Cimarex Energy (NYSE:XEC) also are initiated with Outperform rating, while Apache (NYSE:APA) and Continental Resources (NYSE:CLR) are started at Market Perform.
    | 1 Comment
  • Wed, Apr. 22, 6:53 PM
    • Nomura came out bullish today on the energy E&P sector - issuing Buy ratings for MRO, PXD, EOG, CLR, APC, NFX, RRC, CNQ, CXO, ECA and SU - even as the firm does not foresee a V-shaped rebound in crude oil prices.
    • Nomura believes core North American shale plays do not represent the economic marginal cost of supply in the world, which runs counter to commonly held views that largely see shale occupying the high end of the cost curve; thus as oil rebounds, so will investment in the shales, which should support prices, the firm says.
    • In such an environment, Nomura says selecting stocks will depend on factors such as ”the reinvestment opportunity set, impact of oilfield technology, continued efficiencies, potential new geologic plays, management acumen and balance sheet strength."
    • The firm is Neutral on DVN, HES, MUR, OAS, UPL, WLL, XEC, COG, COP and SWN; it rates NBL, APA, DNR, CHK and CVE as Reduce.
  • Wed, Apr. 22, 10:58 AM
    • Noble Energy (NBL +0.6%) agrees to a package of upgrades, environmental projects and penalties totaling ~$73M in response to alleged clean air violations involving its operations in the Denver-Julesburg Basin in Colorado.
    • The EPA says an investigation found significant emissions were coming from storage tanks used in NBL's operations in the basin, largely due to undersized vapor control systems.
    • NBL says the total cost to the company of complying with settlement terms "cannot yet be quantified but are not expected to be material for our operations in the DJ Basin."
    | Comment!
  • Tue, Apr. 14, 12:45 PM
    • Noble Energy (NBL +1.8%) doubles down on its commitment to the Falkland Islands east of Argentina, acquiring a 75% interest in a license that covers nearly 285K acres and includes the Rhea prospect, which could contain more than 250M boe, with plans to start drilling there this year despite opposition from Argentina’s government.
    • NBL will be the operator, while Italian company Edison acquired the remaining 25%; financial details are not revealed, but the two companies will pay a 5% royalty to an oil and gas exploration company based in the Falklands on any future production in the block.
    | 1 Comment
  • Tue, Apr. 7, 6:57 PM
    • Noble Energy (NYSE:NBL) says it is cutting 220 jobs across the U.S., with ~100 of the losses at its Houston headquarters and another 100 or so coming from its Colorado operations; the cuts represent ~10% of the company's 2,200 U.S. employees.
    • NBL also says the Denver-Julesburg Basin continues to be its largest onshore operation, and will now serves as the base for all of the company’s onshore operations.
    • NBL said earlier this year that it was planning to trim spending by 40%, with most of the cuts targeting projects in U.S. shale plays and the Gulf of Mexico.
  • Thu, Apr. 2, 5:38 PM
  • Fri, Mar. 27, 10:57 AM
    • Royal Dutch Shell (RDS.A, RDS.B) is among oil companies that are scaling back investments in China amid falling prices and expensive and geologically risky projects, WSJ reports.
    • Shell isn't alone: In the past year, Anadarko (NYSE:APC) and Noble Energy (NYSE:NBL) have completed deals to sell operations in China, Hess (NYSE:HES) says it is quitting a shale exploration deal with PetroChina, and BP has withdrawn from three exploratory blocks in the South China Sea.
    • "These companies thought $100 oil was going to stay," says the regional head of Asia-Pacific oil and gas research at Nomura. "They have to prioritize the projects based on returns, and the projects in China tend to be lower return, other things being equal, simply because of higher costs."
  • Wed, Mar. 18, 3:43 PM
    • Stifel analysts say oil prices could be headed even lower, but that investors should buy high quality E&P companies with strong assets and/or balance sheets before prices bottom.
    • Stifel says the current cycle resembles previous patterns where large-cap E&P stocks lead the oil price, which in turn leads the rig count, thus the firm does not expect shares of the strong companies to track an oil price bottom; small-cap energy stocks, however, followed oil prices closely through the last cycle and even lagged the commodity’s recovery.
    • The firm is favorably disposed to Anadarko Petroleum (APC +2.4%), Cabot Oil & Gas (COG +1%), EOG Resources (EOG +4.2%), Noble Energy (NBL +5.3%), Rosetta Resources (ROSE +5.3%) and Whiting Petroleum (WLL +8.6%).
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Company Description
Noble Energy Inc is an independent energy company. The Company engaged in crude oil, natural gas and natural gas liquids (NGLs) exploration and production.